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Blog Posts in March, 2010

Chapter 13 Debtors' Failure To Include Unemployment Benefits Does Not Result In Dismissal

Posted By admin || 31-Mar-2010

In the Chapter 13 bankruptcy case of Avellandeda, Guillermo and Jenny; In re, the bankruptcy court overruled the trustee's objection to confirmation of the debtors' plan. The details of the bankruptcy case: The Chapter 13 debtors proposed a 36-month plan that anticipated paying 1 percent of unsecured claims. The debtors scheduled monthly take-home income of $8,156 and expenses of $7,900, leaving ...

Posted By admin || 31-Mar-2010

In the Chapter 13 bankruptcy case of Carolina Lottery Commission v. Wells, the bankruptcy court ruled against the Carolina Lottery Commission after it attempted to except its claim from bankruptcy discharge. The details of the bankruptcy case: The Chapter 13 debtors owned and operated a convenience store. In May 2006, the store received permis­sion to sell lottery tickets. In April 2008, when they ...

Blockbuster Again Warns Of Possible Chapter 11 Bankruptcy

Posted By admin || 31-Mar-2010

Blockbuster Inc., has again warned of a possible Chapter 11 bankruptcy filing if it is unable to turn its business around. In an annual report it filed recently, Blockbuster said that it was concerned that it would not be able to continue without filing bankruptcy due to declining sales and a lack of sufficient cash flow. In an effort to correct the situation and avoid filing Chapter 11 ...

Congress Approves Jobs Incentive Bill In Effort To Curb Unemployment

Posted By admin || 31-Mar-2010

Congress has approved a jobs incentive bill that is aimed at curbing unemployment and stimulating job growth. Under the new spending bill companies that hire unemployed workers will get a temporary payroll tax holiday. The bill which passed Wednesday contains about $18 billion in tax breaks and a $20 billion infusion of cash into highway and transit programs. Among other things, it exempts ...

Movie Studio MGM Struggles To Avoid Bankruptcy

Posted By admin || 29-Mar-2010

Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non-bankruptcy method of reorganizing its $5 billion debt load. But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive. MGM put itself up for sale last fall as part of an effort to pay off the debt it took ...

More Medical Debt For Senior Citizens As Healthcare Costs Rise

Posted By admin || 29-Mar-2010

More senior citizens may face mounting medical debt as monthly premiums rise on popular Medicare Advantage plans with drug benefits. Senior citizens enrolled in Medicare Advantage plans with drug benefits will see an increase of 14.2 percent for their monthly premiums this year as opposed to the 5.2 percent increase they experienced from 2008 to 2009. The health insurance industry blames the ...

Use Your Tax Refund To File Bankruptcy If...

Posted By admin || 29-Mar-2010

The tax deadline is just a few weeks away and many debtors are expecting at least a few thousand dollars in their tax refund check. But what should debtors do with that money? Buy a car, TV, pay off credit card debt? Well if you're drowning in debt, like many debtors, you should probably use that tax refund to file bankruptcy if: If you are unemployed and have been unemployed for at least a few ...

Debtor Denied Motion Due To Improper Notice

Posted By admin || 26-Mar-2010

In the Chapter 13 bankruptcy case of Hannon, Mary; In re (Hannon v. Countrywide Home Loans Inc.) , the bankruptcy court denied a debtor's motion for sanctions against a creditor because the debtor failed to properly notify the creditor and give them time to correct the problem. The details of the bankruptcy case: Countrywide Home Loans filed a proof of claim stating an arrearage of $9,294 of which ...

Be Careful What Oral Agreements You Make With Creditors

Posted By admin || 26-Mar-2010

In the Chapter 13 bankruptcy case of Janssen, Richard D.; In re (Janssen v. Chase Home Finance LLC) , the bankruptcy ruled against a debtor who changed his mind about an oral creditor/debtor settlement agreement. The details of the bankruptcy case: After he received a Chapter 13 discharge, the debtor sued Chase Home Finance alleging that the lender failed to abide by the terms of his confirmed ...

Chapter 13 Bankruptcy Debt Limits Increase

Posted By admin || 26-Mar-2010

When a debtor decides to file for Chapter 13 bankruptcy, there is a limit on how much debt they can have. As of April 1, 2010 the debt limits for Chapter 13 bankruptcy will increase by 7 percent. Chapter 13 bankruptcy debt limits for unsecured debt will be $360,475 and for secured debt, the limit will be $1,081,400. What this means is that a debtor filing Chapter 13 bankruptcy cannot have more ...

Four Things You Should Do If Suffer A Job Loss

Posted By admin || 26-Mar-2010

When a debtor faces a job loss, the first thing they should do is apply for unemployment insurance. Don't make the assumption that you don't qualify for unemployment insurance, apply and allow them to approve or not approve your benefits. One of the mistakes that many unemployed workers make is waiting too long to apply for their unemployment benefits, don't make that mistake, apply as soon as you ...

Popular Las Vegas Monorail Files for Chapter 11

Posted By admin || 26-Mar-2010

Down tourism industry causes privately owned Las Vegas Monorail to file for bankruptcy protection. The recent down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th. The monorail is a very popular transportation system that connects several hotels and resorts to each other and the Las Vegas convention center. ...

Strange Case Where Bankruptcy Can Help a Prisoner Remove Years from his Sentence

Posted By admin || 25-Mar-2010

Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims. Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been scamming people through his mortgage company, Pacific Coast Mortgage, for several years. He was originally arrestede in July and charged with 147 counts of some ...

Treasury Department Admits Foreclosure Prevention Program Not As Successful As Hoped

Posted By admin || 25-Mar-2010

The Treasury Department has admitted that the Making Home Affordable (HAMP) foreclosure prevention program has not made the type of impact that was expected. In response the Treasury Department is instituting new rules that will take effect on June 1, 2010. The new HAMP requirements will force servicers to have in hand all the needed documents from borrowers before they extend a three-month trial ...

Celebrity Bankruptcy: Nicholas Cage Update

Posted By admin || 25-Mar-2010

Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006. Could Nicholas Cage have saved his home ...

Natural Products Group Files Prepackaged Chapter 11 Bankruptcy

Posted By admin || 25-Mar-2010

Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities. Lenders who hold 90 percent of the company's loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less. The company plans to borrow up to $20 million to fund operations during its bankruptcy, known as a ...

Bankruptcy Judge Rules That Shareholders Deserve A "Place At The Table"

Posted By admin || 25-Mar-2010

Bankruptcy Judge Mary Walrath rejected a request from Washington Mutual that a court- sanctioned committee appointed to represent the interest of shareholders be disbanded, saying that shareholders have a right to a place at the table. The office of the U.S. Trustee, which monitors corporate bankruptcies on behalf of the Justice Department, agreed to appoint a shareholder committee after hearing ...

Six Important Bankruptcy Code Changes from the Bankruptcy Reform Act of 1978

Posted By admin || 25-Mar-2010

The first major bankruptcy legislation since the Chandler Act of 1938 brought major changes to the U.S. Bankruptcy Code. Bankruptcy is a process that has been refined over several years and through several pieces of legislation. When looking at the history of bankruptcy, you can usually turn to just a few pieces of legislation that brought major changes to the bankruptcy process. Of course, there ...

Four Companies that Might Consider Bankruptcy in 2010

Posted By admin || 24-Mar-2010

Many retailers are recovering, but there are some retailers still struggling. In 2009 there were a staggering number of retailers that filed for bankruptcy. Retailers of all sizes saw their revenue plunge and their debts spiral out of control. Now, the industry as a whole is seeing a recovery, but there are still companies out there that are struggling. Here is a list of four companies that might ...

Foreclosures in Dallas-Fort Worth Rise Again

Posted By admin || 24-Mar-2010

5,548 Dallas-Fort Worth area homes were posted for forced sale in March's foreclosure auctions. Concerning foreclosures, the Dallas-Fort Worth area is definitely not out of the woods yet. There has been somewhat of a turnaround in the economy, but many people are continuing to struggle. According to Dallas area-based Foreclosure Listing Service Inc., 5,548 homes were posted for forced sale in ...

Tribune's Bankruptcy Dispute Spawns "World War III"

Posted By admin || 24-Mar-2010

Senior creditors in the Tribune Co's Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company's debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of the debt should have their claims disallowed or ...

Myths and Facts About Debt Collection

Posted By admin || 24-Mar-2010

Many debtors are intimidated by debt collectors who often cast themselves as these all powerful entities who can wreck havoc on a debtor's life. But the truth of the matter is that debt collectors aren't as powerful as they seem, it's just that many debtors' lack of knowledge about their rights and the limitations of debt collectors make them vulnerable to debt collector tall tales. Here are a ...

Settling Debt Before Filing Bankruptcy

Posted By admin || 24-Mar-2010

Many debtors considering bankruptcy owe money to family and friends and want to keep them out of the bankruptcy proceeding. To avoid problems with family and friends who have loaned them money, some debtors may choose to pay back a debt owed to family/friends either partially or fully before filing bankruptcy. But doing so may have consequences for debtor or the person who loaned them the money. ...

Mortgage Fraud Could Cause More Foreclosures

Posted By admin || 23-Mar-2010

A former loan officer in the Dallas-Fort Worth area has been sentenced to over 3 years in a federal prison and ordered to $751,075 for falsifying mortgage documents sent to the U.S. Department of Housing and Urban Development. Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt in a scheme that cost HUD $964,814 after 21 mortgages defaulted, according to HUD and court documents. ...

Bankruptcy Works Its Magic On General Motors

Posted By admin || 23-Mar-2010

Since emerging from Chapter 11 bankruptcy in July, General Motors Co. has become somewhat of a poster child for how bankruptcy can turn around even the most seemingly doomed enterprise. In the throes of the recession, General Motors' future was questioned and its viability as a company uncertain. After filing Chapter 11 bankruptcy it was forced to make huge changes to the way it did business, ...

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